CME Group Expands Crypto Derivatives With Spot-Quoted XRP and Solana Futures

Core Insights - CME Group has launched Spot-Quoted futures for XRP and Solana, expanding its crypto derivatives lineup to trade closer to real-time market prices [1] - The new contracts are designed to track the spot price directly, unlike traditional futures which may trade at a premium or discount [1] Group 1: Product Launch and Structure - The Spot-Quoted futures for XRP and Solana mirror the structure of existing Spot-Quoted Bitcoin and Ether futures [1] - These contracts are CME's smallest crypto contracts to date, targeting active participants who prefer trading in spot market terms without managing contract expiries or rollovers [2] Group 2: Market Demand and Performance - Since their launch in June, Spot-Quoted Bitcoin and Ether contracts have seen over 1.3 million contracts traded, with an average daily volume of 11,300 contracts [3] - A record of 60,700 contracts was traded on November 24, indicating strong market interest [3] Group 3: Additional Features - CME has activated Trading at Settlement (TAS) for XRP, SOL, and their respective Micro futures, allowing traders to execute contracts at a spread to the 4:00 p.m. ET settlement price [4] - TAS is particularly useful for managing risk around crypto ETFs and allows for block trades and anonymous order book activity via CME Globex [4] Group 4: Recent Developments - The launch of Spot-Quoted futures follows CME Group's introduction of options on SOL, Micro SOL, XRP, and Micro XRP futures in October [5]